City&FinanceBriefing London Lite Friday, 13 November 2009 51 Win the ultimate break to a Metro city every day next week Every weekday morning, over three million people read Metro in 33 cities up and down the country. Make sure youre one of them next week for your chance to win one of five luxury city breaks. Therell be a different city up for grabs each day so pick up Metro next week for more details and your chance to win. Inbrief Horseman reins in fund activities l John horseman, one of Londons most successful hedge- fund managers, is unexpectedly taking a back seat at the group he founded nine years ago. In a letter to investors in his horseman Global Fund, he said he could not see it producing his targeted 10%-12% annual return over the next few years. his deputy, top fund guru Mark Driver, is also standing down. Waitrose thanks M&S for boost l WaItrose today said a big thank you to Marks & spencer for its high-profile advertising campaign after the John Lewis- owned supermarket saw soaring sales of its teabags, penne pasta and sausages, all featured in M&ss price-comparison ads. Waitrose sales growth soared to its highest since 2006, up by almost a fifth to 90.5 million. BAA airports to land 500m l heathroW and stansted airports were today told they will get a 500 million cash injection. of that, 200million will come from Ferrovial, Baas spanish owner, 150 million will come from Ferrovials Canadian partner CDPQ and the other 150 million will come from within Baa. the money is to enable continued upgrades. Hornby on the wrong lines l MoDeL-Maker hornby today posted first-half pre-tax profit down by two thirds to 700,000, but said its supply problems were over and the future looks very positive. the firm was hit by manufacturing delays at its hong kong factory but it said it had switched suppliers for its 2012 olympics range. BA, Iberia tie-up flies towards a loss of 1 billionTurbulence ahead: Spanish carrier rolled out 51 million deficit hours after news of merger with British Airways BY ROBERT LEA THE new airline created by the Brit- ish Airways and Iberia merger will lose more than 1 billion this year. Hours after it tied the knot on its 4 billion merger with BA, Iberia today reported that it made a 56 mil- lion (51 million) loss in the summer trading quarter, traditionally the biggest money-spinner. That extends its losses for the first nine months of the year to 329 mil- lion. Added to that, British Airways last week admitted it crashed 292mil- lion into the red in the six months to the end of September, traditionally its best season. City analysts are therefore pencilling in full-year losses to the end of March of more than 700 million. Together, the two airlines losses will top 1 billion this year with the expectation that there will be heavy losses in 2010-11 as well. The merger will not happen for at least another 12 months, however, after the carriers bosses failed to tie up the BA pension schemes. Iberia insisted on inserting a clause into the memorandum of understand- ing it signed last night. It is one that may yet break the deal. In a state- ment, the airlines said: Iberia will be entitled to terminate the merger agreement if the outcome of the discussions between BA and [BAs] pension trustees is not, in Iberias reasonable opinion, satisfactory. BAs pension schemes are reckoned to have a 2.6 billion black hole. BA will have to agree with its pen- sion trustees how much money the airline needs to pump into the pen- sions to keep them afloat. That agree- ment is not expected until next summer, and even then it could fall foul of the UK pensions regulator. TodAyS puzzle SoluTIonS HHHII HHHHH CircularSudoku TVknowledge todays answers: 1. Christianity, 2. Queen Catrina, 3. richard Griffiths, 4. Craig Charles, 5. kwicky koala, 6. Debra stephenson, 7. stuart hall Wordwheel todays answer: badgering Crossword Todays solution No 680 Across: 1 Parts company; 7 sheen; 8 rogue; 9 ode; 10 Venerated; 11 Inform; 12 adjoin; 15 affiliate; 17 err; 18 slang; 19 theft; 21 Writing desks. Down: 1 Pablo Picasso; 2 sue; 3 owning; 4 Partridge; 5 night; 6 Leading roles; 7 shelf; 10 Very light; 13 overt; 14 hasten; 16 Flair; 20 end. HHIII Sudoku
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